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  • July 4, 2013 | International Edition

    Tomorrow's world – own-office low-cost centres may prove futurists right

    Futurology by its very definition is a bit of a hit-and-miss art. Back in 1914, HG Wells' fantasia The World Set Free, predicting the existence of the atomic bomb, probably felt like scaremongering. And Arthur C Clarke's 1945 proposal for the satellite certainly wasn't taken seriously at the time. But Google's recent appointment of futurist Ray Kurzweil – best known for his theories about the moment technology will outsmart humans on its own – as director of engineering is evidence of how seriously these 'strategic thinkers' can be taken. In the legal sphere Richard Susskind has been foretelling the demise of law firms' dependence on high-cost lawyers for low-value repetitious work for years. But despite numerous calls from influential clients – not least Deutsche Bank and Royal Bank of Scotland – it seems law firms have until recently paid little heed.

    1 minute read

  • July 4, 2013 |

    Near-shoring and LPO takes hold as more top 30 firms eye moves

    Fifteen of the UK's top 30 law firms by revenue have either set up their own low-cost legal centre or are sending routine legal work to legal process outsourcing (LPO) providers, according to research conducted by Legal Week. Several other leading firms are reviewing their options, including Stephenson Harwood, which is considering opening a low-cost legal centre, and SJ Berwin, which is in early stage talks to outsource its document production team.

    1 minute read

  • July 4, 2013 |

    Morrison & Foerster advises BBC on first direct bond worth £170m

    Morrison & Foerster has advised the BBC on its first-ever direct bond issue, which raised £170m in a private placement in the US. The placement, on behalf of BBC Commercial Holdings (BBCH), has a seven-year term set at a 2.71% US dollar interest rate, and will be used to refinance existing debt within the BBC's commercial business.

    1 minute read

  • July 4, 2013 |

    Freshfields overtakes Linklaters and A&O by revenue with 7% hike

    Freshfields Bruckhaus Deringer has edged ahead of magic circle rivals Linklaters and Allen & Overy (A&O) with an impressive 7% hike in revenues to £1.22bn for the 2012-13 financial year. The strong performance means Linklaters - which took in £1.195bn during the year - has fallen below its magic circle rivals in revenue terms, effectively swapping places with Freshfields, and is now below A&O on £1.212bn.

    1 minute read

  • July 4, 2013 |

    Aussie leaders scale back in Sydney as tough market pushes firms to rethink strategies

    DLA Piper, Allens and Clayton Utz are among several major players in Australia downsizing in Sydney and cutting back lawyer numbers as the slump in work volumes continues to put pressure on costs. The trio, all of which have made staff cuts in the past year, are among a number of firms shedding office space in the Australian financial hub either by moving to smaller premises or subleasing floors.

    1 minute read

  • July 4, 2013 |

    Tomorrow's world – own-office low-cost centres may prove futurists right

    Futurology by its very definition is a bit of a hit-and-miss art. Back in 1914, HG Wells' fantasia The World Set Free, predicting the existence of the atomic bomb, probably felt like scaremongering. And Arthur C Clarke's 1945 proposal for the satellite certainly wasn't taken seriously at the time. But Google's recent appointment of futurist Ray Kurzweil – best known for his theories about the moment technology will outsmart humans on its own – as director of engineering is evidence of how seriously these 'strategic thinkers' can be taken. In the legal sphere Richard Susskind has been foretelling the demise of law firms' dependence on high-cost lawyers for low-value repetitious work for years. But despite numerous calls from influential clients – not least Deutsche Bank and Royal Bank of Scotland – it seems law firms have until recently paid little heed.

    1 minute read

  • July 3, 2013 |

    Weil and Quinn secure appeal win in high-profile London hotels dispute

    Weil Gotshal & Manges and Quinn Emanuel Urquhart & Sullivan have secured a key win for the billionaire Barclays brothers and Irish businessman Derek Quinlain and a high-profile High Court battle over iconic hotels the Berkeley, the Connaught and Claridge's. Handing down judgment this morning (3 June), Lord Justices Arden, Moore-Bick and Rimer unanimously refused to overturn aspects of the High Court's decision last year, when it dismissed the claims brought by property developer Patrick McKillen.

    1 minute read

  • June 27, 2013 |

    Ashurst sets 75% threshold for October vote on Aussie integration

    Ashurst partners are set for an October vote on full financial integration with legacy Australian firm Blake Dawson, following their 2011 tie-up. A full merger of Ashurst and Blakes – now known as Ashurst Australia – will require a 75% majority of both partnerships when it goes to the vote later this year. The combination would see the firms combine legally as one partnership with a shared global profit pool, with the combined firm operating a managed lockstep – a system both firms currently use.

    1 minute read

  • June 25, 2013 |

    Walker Morris turns to Deloitte for first non-exec board member

    Walker Morris has appointed former Deloitte managing partner Stuart Counsell as its first non-executive board director. Counsell joins Walker Morris following more than 30 years at Deloitte, during which time he held a variety of senior management positions including UK managing partner. More recently, Counsell headed up the finance and legal division at the accountancy giant where he was responsible for the financial and legal aspects of a £2 billion professional services business. He was also heavily involved in the firm's continuous systems improvement and acquisition programmes.

    1 minute read

  • June 21, 2013 |

    Nabarro boosts post-3PQE pay with NQ and trainee rates frozen again

    Nabarro has increased pay for associates with more than three years' post-qualification experience (PQE), while freezing salaries for trainees and newly-qualified (NQ) lawyers for the second year in a row. Associates with between four and five years' PQE have seen median earnings rise by 3% to £80,000, up from £77,750, while median pay for those with three to four years' PQE is up from £74,500 to £76,000.

    1 minute read